The Polygon ecosystem has taken a groundbreaking step towards the development of Polygon 2.0. Goerli has introduced smart contracts for the POL token on its testnet. This milestone comes after extensive community discussions and suggestions to replace the existing MATIC altcoin project with the new POL token format. However, in response to feedback from the community, Polygon submitted two additional proposals, PIP-24 and PIP-25, which outline major updates to the EIP-1559 burn system required for Phase 0 of Polygon 2.0. Here are the details…
POL altcoin discussions attracted attention
The deployment of POL altcoin smart contracts on the Goerli testnet marks an important step towards Polygon 2.0. This move demonstrates Polygon’s efforts to align its ecosystem with the evolving needs and preferences of its user base. The Polygon community has played an important role in shaping these developments. Throughout the Polygon Improvement Proposal (PIP) governance process, community members have provided valuable insights and feedback. As a result, two key proposals, PIP-24 and PIP-25, emerged to address the community’s concerns and needs.
Today, as a result of community consultations, POL contracts will be live on Goerli testnet.
A major step towards bringing Polygon 2.0 to life.
Based on the community’s feedback during the PIP governance process, PIP-24: Change EIP-1559 Policy & PIP-25: Adjust POL Total Supply,… pic.twitter.com/li8OF0o3jC
— Polygon Devs (@0xPolygonDevs) October 4, 2023
PIP-24: EIP-1559 policy is changing
PIP-24 addresses the modification of the EIP-1559 policy. This change is crucial for a smooth transition to Polygon 2.0 and will have a significant impact on how transactions are processed within the Polygon ecosystem. The community’s input has been instrumental in refining this proposal to ensure it aligns with the community’s vision for Polygon’s future.
PIP-25: Will adjust total supply for altcoin POL
PIP-25 focuses on adjusting the total POL altcoin supply. The proposed changes are vital to Polygon’s long-term sustainability and value proposition. Polygon aims to strike the right balance between supply and demand dynamics for the POL token through community engagement.
Future governance and ecosystem council
In the coming weeks, Polygon will unveil the first steps of its proposed governance framework for Polygon 2.0. At the core of this new governance model will be an Ecosystem Council comprised of thought leaders and tech experts from the Web3 community. These individuals will bring significant security credentials to the table to ensure Polygon 2.0 is built on a foundation of trust and expertise. This move signals Polygon’s commitment to fostering a decentralized decision-making process where the community has a strong voice in shaping the future of the platform.
What’s next for Polygon 2.0
As the path to Polygon 2.0 continues to evolve, the community can expect more updates and innovations. Deploying POL token smart contracts on the Goerli testnet is just one piece of the puzzle, and Polygon has much more in store. Polygon Labs also recently introduced the Supernet development toolkit known as Polygon CDK. This solution combines liquidity and ToM verification mechanisms to provide enhanced connectivity for projects using the toolset. This innovation underlines Polygon’s commitment to providing comprehensive solutions to developers and projects in its ecosystem.
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